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• A framework for short-term risk and economic dispatch of HTWPS considering spinning reserve is proposed. • Synchronic peak-shaving strategy is proposed to reduce hydropower fluctuation and improve hydropower peak shaving. • SR reasonable arrangement is helpful to reduce the risk and cost of the hybrid system. • The incoming water and comprehensive utilization significantly affect the risk and economy of HTWPS. The objective of the traditional dispatching model of multi-energy systems is to seek the most economical scheduling mode, while ignoring the operating risk caused by inaccurate predictions of wind and PV power. Given this, this paper proposes a framework for the short-term risk and economic dispatch of the hydro-thermal-wind-PV hybrid system (HTWPS). First, a quantile regression method and multivariate Gaussian distribution are adopted to generate wind-PV scenarios. Then, a short-term risk and economic dispatching model of the HTWPS considering spinning reserve (SR) requirements is established to minimize the operating risk and cost. Finally, a synchronic peak-shaving strategy for hydropower stations is developed to determine reasonable hydropower generation plans in model solving. The proposed framework is applied to China's Qinghai grid. The results show that: (1) As comprehensive utilization flow rises, the cost and risk drop sharply in the dry season, but almost keep unchanged in the wet season constrained by hydropower SR boundary. (2) The power abandonment risk in the dry season is high due to the low hydropower generation capacity induced by limited runoff. The power abandonment and shortage risk are mainly subject to the hydropower SR boundary in the wet season. (3) Compared with the operating mode with hydropower SR alone, the comprehensive risk decreases by 10.6%, and the comprehensive cost rises by 5.8% under the operating mode with hydro and thermal power SR (HTSR) in the dry season. The comprehensive risk decreases by 51.4%, and the comprehensive cost increases by 172.8% under HTSR in the wet season. [ABSTRACT FROM AUTHOR]